If it feels like we’ve been here before, that’s because we almost have.

Chinese state-owned People’s Insurance Co. (Group) of China Ltd. is planning to raise US$5 billion to $6 billion in a Shanghai and Hong Kong dual listing later this year, according to Dow Jones Newswires.

In the current market environment, talk of raising funds on that scale looks aspirational at best. Some small initial public offerings have gone ahead in recent weeks, including one by Tibet 5100 Water Resources Holdings Ltd., which raised US$177 million. Hypermarket operator Sun Art Retail Group Ltd. will start trading in Hong Kong on July 27 after raising $1.06 billion—if all goes as planned (its first attempt was delayed by an error in the prospectus).

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